Benefits of reciting these words according to the Mashaayikh:

A means of acquiring the Fadhl of Allah: Shaykh Abul Hasan Shaazli (Rahmatullahi Alayhi) had quoted his Mashaayikh who had explained: “There are no words as beneficial and helpful as these words in submitting to Allah and in entering the path of His fadhl (favours and grants).” (Mazaahire Haqq, as quoted in Kashkole Ma’rifat)

A remedy for pride:

Moulana Abdul Ghani Phulpoori (Rahmatullahi Alayhi) had said, “For guidance (hidaayah) and self-reformation (islaah), reciting these words in abundance is extremely beneficial and has an amazing effect. If one reads it at least 500 times daily, Allah will grant him the courage to abstain from sin and the strength to carry out good actions. If this too is not possible, then at least recite it 70 times. If due to your ibaadah, you become vain and self- conceited, recite these words while pondering over its meaning, by the blessings of which this Shaytaani trick of pride and self-conceit will be uprooted.” (Ma’rifate Ilahiyyah pg.457-461)

A means of giving up sins and reforming oneself:

Moulana Shah Hakeem Muhammad Akhtar (Rahmatullahi Alayhi) had said, “To become pious and give up sins, recite this seven times after every salaah. Inshaa Allah (By the will of Allah), very soon, one’s sins will begin falling away…. When Allah regularly informs the angels “My servant has submitted to My obedience” (in reply to this kalimah), Allah will never give the angels the chance to object to His declaration by asking why the person is still committing sin. Allah will therefore honour his declaration reforming and correcting that particular servant of His. For this reason, many Masaayikh (spiritual guides) would prescribe only the recital of this kalimah for their mureedeen (disciples), by which they would acquire connection with Allah.” (Condensed from Inaayaate Rabbani pg.11-12)

A solution to life-threatening problems, and an exit from all sorts of difficulties:

Maalik Ashja’ee (Rahmatullahi Alayhi) came to Rasulullah Sallallahu Alayhi Wasallam and said to him, “Auf’s son (who happened to be the grandson of Maalik) has been captured and taken as a captive. (The parents are both very worried. What can they do?)” Rasulullah Sallallahu Alayhi Wasallam asked Maalik to send the following message to Auf;

‘Rasulullah Sallallahu Alayhi Wasallam commands you to recite:

لا حول ولا قوة

abundantly, the parents obeyed this command and began reciting it in abundance. Their son, who had been tied up in leather ropes suddenly saw the ropes falling off, which allowed him to escape. While leaving, he noticed a camel belonging to his captors nearby, upon which he jumped on and began to ride away. Passing by their flock of sheep or goats, he called out to the animals to move with him. The animals obeyed and all followed him. He surprised his parents when he reached the door and called out for them, as they never expected him to ever return. His father later came to Rasulullah Sallallahu Alayhi Wasallam to inform him of what had happened, at which the following verse of the Quran was revealed, ومن يتق اهلل يجعل له مخرجا – “ Whoever fears Allah, He makes for him a means of exit.

(Ibn Abi Haatim has quoted this from Muhammad ibn Ishaq, as in At-Targeeb wat Tarheeb. It has also been narrated from Ibn Abbaas Radiallahu Anhu in a shorter version, narrated by Ibn Mardwayh, as in Ad-Durrul Manthoor)

A shield against one’s enemies, especially the evil Jinnaat:

Jareer ibn Abdillah Bajali Rahmatullahi Alayhi narrated, “While walking down a certain road in the city of Tustar after it had been conquered by the Muslims, I once recited لا حول ولا قوة. A certain local man, on hearing me reciting these words, commented, “This is the first time I have heard these words after hearing them in the skies.” “And how in the world did you hear it in the skies,” I enquired skeptically. He explained, “I would act as an envoy and often take delegations to the court of Qaisar (the Roman king) and Kisra (the Persian king) and Qaisar (the Roman king). Once, while I had set off with a delegation to Kisra, a Shaytan (devil) took my form and began to live with my wife. When I returned home, my family didn’t welcome me as usual. I was surprised, and questioned them. They gave me the impression as if I had never been away from them. I was quite shocked, till the Shaytan exposed himself to me shortly thereafter.

 He presented me with an option; he will live one day with my wife and I could be with her for the next day. He promised to kill me if I did not agree. I was forced to assent. (In the meanwhile, we would sit together and talk quite frequently.) One day, he said to me, “I am from those shaytans who eavesdrop on the happenings in the skies. We carry this out in turns. Tonight is my turn and chance. Do you want to come with me?” I agreed to join him. That evening, he came to me and asked me to jump onto his back. He had locks resembling that of a pig, He said to me, “Hold tight! Tonight, you will see strange things and scary scenes, but don’t ever let go, otherwise you will be destroyed.”

The party of Shaytans flew up into the sky, until they neared the first sky. I heard a caller calling out,

لا حول ولا قوة إلا بالله ما شاء الله كان وما لم يشأ لا يكون

These words struck them with such force that they were sent flying into the forests and jungles. I quickly memorized those words. The next morning, I returned home. The next time I saw the Shaytan approaching, I began to recite those words, which put him into a state of panic. (He began melting away, till he shrunk to the size of a fly.) He managed to see a window, from which he escaped. I continued reciting these words for a while, and the Shaytan never returned.” (Ibn Abid Dunya narrated this in Al-Hawaatif, while Ibn Mandah quoted a similar incident in As-Sahaabah, as quoted by Suyuti in Al-Habaa’ik)